Commercial real estate brokerage Marcus & Millichap announced the sale of two Tallahassee apartment properties near Florida State University for $9.3 million, or about $47,700 per unit.
The seller had spent $300,000 since 2014 on capital improvements to the Sabal Court Apartments and the Silver Leaf East Apartments, which have a combined total of 195 units ranging in size from 550 square feet to 1,250 square feet.
Sabal Court s is a 129-unit apartment property at 2125 Jackson Bluff Road and Silver Leaf East is a 66-unit property at 2712 West Tharpe Street.
The exclusive listing agents for the two rental properties wer Joshua Teplitzky, a senior associate of Marcus & Millichap, and Francesco P. Carriera and Michael P. Regan, who both serve as a senior managing director investments.
“With this acquisition, the buyer almost doubled the number of units in his [rental property] portfolio and reduced his overall basis on a cost per unit,” Teplitzky said in a prepared statement. “The buyer plans to add significant value to the unit interiors and convert a larger portion of the tenant base to students due to the close proximity of the properties to [Florida State University’s] campus.”